Fraud awareness
2. Methods that fraudsters use to obtain your money
- Authorised Push Payment (APP) Fraud: This occurs when scammers deceive individuals into approving payments or transferring funds, often by impersonating trusted entities. Victims believe they are making legitimate transactions, which makes them more susceptible to the scam. For more information on Whitepay’s APP Fraud Policy, click here.
- Account Takeover (ATO) Fraud: Fraudsters gain unauthorised access to a person’s account through phishing, social engineering, or malware. Once they have control, they can make purchases or transfer funds without the owner’s consent.
- Identity Theft: This involves criminals stealing personal information to create new accounts or conduct fraudulent activities. It can affect both individuals and businesses.
- Social Engineering Scam: A social engineering scam is a tactic used by hackers to deceive people into sharing private information, like passwords or financial details. These scams manipulate emotions and trust to push victims into making unwise decisions. Common methods include phishing emails, fake phone calls, and fraudulent messages that seem legitimate. The goal is to gain unauthorised access to sensitive information.
- Urgent and Odd requests: An “urgent and odd requests” money transfer scam involves scammers contacting individuals with messages that create a sense of urgency or implausibility. They might claim to be in an emergency or present a bizarre scenario that requires immediate financial assistance, often asking for money transfers to help resolve the situation. These requests exploit emotional reactions and can catch victims off guard, leading them to act quickly without verifying the situation.